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Wednesday, June 14, 2017

Goldman Sachs found a way to automate dealmaking tasks usually managed by investment bankers

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Investment banking has long been thought to be an industry where automation would have a tough time replacing human workers.

But Goldman Sachs has found a way to streamline IPOs — one of its most lucrative businesses — by automating some of the most repetitive and labor-intensive tasks.

According to a new report by Bloomberg, roughly half of the steps that Goldman Sachs investments bankers go through during an IPO have been automated, eliminating thousands of human work hours.

The program, called Deal Link, is used to deal with legal and compliance reviews, fill in forms and generate reports. It was started by George Lee, the chief information officer for Goldman Sachs’s investment-banking division.

Source: Businessinsider 

The post Goldman Sachs found a way to automate dealmaking tasks usually managed by investment bankers appeared first on Compliancex.

June 14, 2017 at 12:20AM

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from The Compliance Exchange

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